Mexico Looks to Revive Pix-Like Instant Payments System Codi

Mexico is launching a campaign to encourage citizens to move away from cash transactions and towards digital payments, the Financial Times reported on August 19. The country's financial sector aims to rejuvenate Codi, a real-time payments platform comparable to Brazil's popular Pix system. Despite previous attempts to revive Codi, the Mexican government is making a serious push for digitization, given that 85% of the population uses cash for purchases of 500 pesos ($30) or less.

President Claudia Sheinbaum appointed one of her closest advisers, José Antonio Peña Merino, to spearhead the plan for widespread adoption of digital payments. Peña Merino stated, "In 2027, at least 50% of adults will make at least one digital payment. I think it'll be higher than that honestly." The Mexican central bank introduced Codi seven years ago, but it did not gain traction like Pix in Brazil.

A PYMNTS Intelligence report from April 2025 indicated that Pix has experienced remarkable growth and has become a favored payment method in Brazil. The Mexican government plans to simplify and promote Codi, encourage informal businesses to open online bank accounts not tied to a tax ID, and enforce digital payments at gas stations and toll booths.

The Mexican central bank has also introduced new rules mandating lenders to adopt a uniform user experience for Codi by the end of the year. The banking industry in Mexico is prepared to comply with these requirements. However, if Mexico's efforts succeed, the country could face the same issues Brazil encountered, as the U.S. government recently imposed new tariffs on Brazil, citing concerns over the fairness of Pix's treatment of American payment firms.